Is It Time to Review Your Will or Enduring Power of Attorney?

For many of us, writing a will or setting up an enduring power of attorney (EPA) is something we tick off the list once and then forget about. It feels good to know the paperwork is done. Yet life keeps moving, families change, and circumstances shift. If it has been more than a few years since you last looked at your documents, it may be time for a review.

Why Reviews Matter

A will and EPA are only as useful as they are up to date. A will spells out how your assets should be distributed after you pass away, while an enduring power of attorney gives someone you trust the authority to make decisions on your behalf if you become unable to. Both are designed to reduce stress for loved ones and ensure your wishes are respected. If your documents are out of date, they may not reflect your current situation—or worse, they could create confusion or disputes.

Life Events That Trigger a Review

Certain milestones are clear signals to check your will and EPA. These include:

• Family changes: marriage, divorce, the arrival of grandchildren, or the loss of a loved one.

• Financial changes: buying or selling property, starting a business, or receiving an inheritance.

• Health changes: a diagnosis, ongoing health concerns, or moving into retirement.
  Even if none of these events has happened, experts often recommend a review every five years to ensure everything still reflects your wishes.

Enduring Power of Attorney: A Closer Look

Many people set up a will but overlook the importance of an enduring power of attorney. An EPA comes into play while you are alive, if you ever lose the ability to make your own decisions. There are two types in New Zealand: one for property (managing money and assets) and one for personal care and welfare (decisions about health and living arrangements). You can appoint the same person to both roles or choose different people, depending on who you trust and what skills they bring. Reviewing your EPA is vital, especially if relationships have changed or if the person you appointed is no longer the right choice.

Questions to Ask Yourself

When reviewing your documents, it helps to pause and reflect. Ask yourself:

• Do my will and EPA reflect my current family situation?

• Are the people I’ve chosen as executors or attorneys still the right ones?

• Have my assets or priorities changed since I last updated these documents?

• Would my choices make life easier—or harder—for the people left to carry them out?
  These questions can guide you in deciding whether a revision is needed.

Don’t Forget Digital Assets

Another area worth considering is your digital life. Online banking, cloud photo libraries, and even social media accounts are part of your legacy. Making a plan for how these should be accessed or managed can save loved ones unnecessary headaches.

Professional Advice Counts

Although DIY wills and EPAs exist, seeking legal advice is highly recommended. A lawyer can ensure your documents meet legal requirements and clearly reflect your intentions. They can also talk you through scenarios you might not have considered, such as what happens if your chosen executor or attorney is unable to serve.

Peace of Mind for You and Your Family

Updating your will or EPA may not be the most exciting task, but it’s one of the most caring. By keeping these documents current, you ease the burden on your family and give yourself peace of mind that your affairs are in order.

Taking an afternoon to review and update your documents now could spare your loved ones significant stress later. If it has been years since you last looked at your will or enduring power of attorney, consider this your prompt: it may be time.